Form 480.20 - Corporation Income Tax Return

Corporation - Page 2

Form 480.20

Rev. 02.11

Net sales ...................................................................................................................................................

(1)

Less: Cost of goods sold or direct costs of production

Inventory at the beginning of the year

"C"

"C" or "MV"

Materials .............................................................................................

(a)

(2a)

Goods in process .................................................................................

(b)

(2b)

(c)

Finished goods or merchandise ..............................................................

(2c)

Purchase of materials or merchandise .....................................................................

(3)

Direct wages .......................................................................................................

(4)

Other direct costs (Detail in Part VI) ........................................................................

(5)

Total cost of goods available for sale (Add lines 2 through 5)........................................

(6)

Less: Inventory at the end of the year

"C"

"C" or "MV"

(a)

Materials .....................................................

(7a)

(b)

Goods in process .........................................

(7b)

(c)

Finished goods or merchandise .......................

(7c)

Gross profit on sales or production (Subtract the result of line 6 less line 7, from line 1) ........................................................................

(8)

Net capital gain (Schedule D Corporation

and

Partnership, Part IV, line 22) .....................................................................................

(9)

10.

Net gain (or loss) from the sale of property other than capital assets (Schedule D Corporation

and

Partnership, Part VI, line 37) .................

(10)

11.

Rent .......................................................................................................................................................................................

(11)

12.

Interest ...................................................................................................................................................................................

(12)

13.

Commissions ..........................................................................................................................................................................

(13)

14.

Dividends from corporations and profits from partnerships: (a) Domestic _____________________ (b) Foreign _______________________

(14)

15.

Distributable share on net income from special partnerships (Schedule R, Part II, line 8) ......................................................................

(15)

16.

Distributable share on net losses from special partnerships (Schedule R, Part II, line 13) .....................................................................

(16)

17.

Taxable farming profit (Schedule S Corporation

and

Partnership, Part I, line 9) ..................................................................................

(17)

18.

Freight and fares ......................................................................................................................................................................

(18)

19.

Miscellaneous income ...............................................................................................................................................................

(19)

20.

Total gross income (Add lines 8 through 19) ..............................................................................................................................

(20)

21.

Compensation to officers (See instructions for Part X) .................................................................................

(21)

22.

Salaries, commissions and bonuses to employees .....................................................................................

(22)

23.

Commissions to businesses ...................................................................................................................

(23)

24.

Social security tax (FICA) .....................................................................................................................

(24)

25.

Unemployment tax ...............................................................................................................................

(25)

26.

State Insurance Fund premiums ..............................................................................................................

(26)

27.

Medical or hospitalization insurance .........................................................................................................

(27)

28.

Insurances ..........................................................................................................................................

(28)

29.

Interest (See instructions)........................................................................................................................

(29)

30.

Rent ...................................................................................................................................................

(30)

31.

Property tax: (a) Personal______________ (b) Real_______________ ........................................................

(31)

32.

Other taxes, patents and licenses (See instructions) .................................................................................

(32)

33.

Losses from fire, storm, other casualties or theft .......................................................................................

(33)

34.

Motor vehicle expenses .......................................................................................................................

(34)

35.

Meal and entertainment expenses (Total _____________________) (See instructions) ....................................

(35)

36.

Travel expenses .................................................................................................................................

(36)

37.

Professional services ...........................................................................................................................

(37)

38.

Contributions to pension or other qualified plans (See instructions) .............................................................

(38)

39.

Flexible depreciation (See instructions. Submit Schedule E) ........................................................................

(39)

40.

Accelerated depreciation (See instructions. Submit Schedule E) ..................................................................

(40)

41.

Current depreciation and amortization (See instructions. Submit Schedule E) ................................................

(41)

42.

Bad debts (See instructions) ..................................................................................................................

(42)

43.

Charitable contributions (See instructions) .................................................................................................

(43)

44.

Repairs (See instructions) .....................................................................................................................

(44)

45.

Deduction for employers who employ handicapped persons (See instructions) ..............................................

(45)

46.

Contributions to educational contribution accounts for the employees' beneficiaries (See instructions) ......................

(46)

47.

Other deductions (See instructions) .........................................................................................................

(47)

48.

Total deductions (Add lines 21 through 47) ......................................................................................................................................

(48)

49.

Net operating income (or loss) for the year (Subtract line 48 from line 20. Enter here and in Part I, line 1) ..................................................

(49)

Item

Amount

Item

Amount

Repairs .....................................................................

(8)

Salaries, wages and bonuses ...........................

(1)

Utilities .....................................................................

(9)

Social security tax (FICA) ...............................